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Tax Tips for Individuals

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  • Tax Incentives for Higher Education

    The tax code provides a variety of tax incentives
    for families who are paying higher education costs or are repaying
    student loans. You may be able to claim an American Opportunity Credit
    or Lifetime Learning Credit for the qualified tuition and related
    expenses of the students in your family who are enrolled in eligible
    educational institutions.
  • Check Withholding to Avoid a Tax Surprise

    If you owed tax last year or received a large
    refund you may want to adjust your tax withholding. Owing tax at the
    end of the year could result in penalties being assessed.
  • 5 Tips For Early Preparation

    Earlier is better when it comes to working on your
    taxes. The IRS encourages everyone to get a head start on tax
    preparation. Not only do you avoid the last-minute rush, early filers
    also get a faster refund.
  • Amended Returns

    Oops! You’ve discovered an error after your tax return has been
    filed. What should you do? You may need to amend your return.
  • Ayuda en Espanol

    If you need federal tax information, the IRS
    provides free Spanish language products and services. Pages on the
    IRS.gov, pre-recorded tax topics, refund information, tax publications
    and toll-free telephone assistance are all available in the
    Spanish-language.
  • Filing an Extension

    If you can’t meet the April 15 deadline to file
    your tax return, you can get an automatic six month extension of time to
    file from the IRS. The extension will give you extra time to get the
    paperwork in to the IRS, but it does not extend the time you have to pay
    any tax due. You will owe interest on any amounts not paid by the April
    deadline, plus a late payment penalty if you have paid less than 90
    percent of your total tax by that date.
  • Car Donations

    The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities.
  • Charitable Contributions

    When preparing to file your federal tax return,
    don’t forget your contributions to charitable organizations. Your
    donations can add up to a nice tax deduction if you itemize on IRS Form
    1040, Schedule A.
  • Plug-In Electric Vehicles (PEVs)

    Internal Revenue Code Section 30D provides a
    credit for Qualified Plug-in Electric Drive Motor Vehicles including
    passenger vehicles and light trucks.
  • Earned Income Tax Credit for Certain Workers

    Millions of Americans forgo critical tax relief
    each year by failing to claim the Earned Income Tax Credit (EITC), a
    federal tax credit for individuals who work but do not earn high
    incomes. Taxpayers who qualify and claim the credit could pay less
    federal tax, pay no tax or even get a tax refund.
  • Refinancing Your Home

    Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.
  • Credit for the Elderly or Disabled

    You may be able to take the Credit for the Elderly
    or the Disabled if you were age 65 or older at the end of last year, or
    if you are retired on permanent and total disability, according to the
    IRS.
  • Selling Your Home

    If you sold your main home, you may be able to
    exclude up to $250,000 of gain ($500,000 for married taxpayers filing
    jointly) from your federal tax return.
  • Foreign Income

    With more and more United States citizens earning
    money from foreign sources, the IRS reminds people that they must report
    all such income on their tax return, unless it is exempt under federal
    law. U.S. citizens are taxed on their worldwide income.
  • Deductible Taxes

    Did you know that you may be able to deduct
    certain taxes on your federal income tax return? The IRS says you can if
    you file Form 1040 and itemize deductions on Schedule A. Deductions
    decrease the amount of income subject to taxation.
  • Gift Giving

    If you gave any one person gifts valued at more
    than $14,000, it is necessary to report the total gift to the Internal
    Revenue Service. You may even have to pay tax on the gift.
  • Marriage or Divorce

    Newlyweds and the recently divorced should make
    sure that names on their tax returns match those registered with the
    Social Security Administration (SSA). A mismatch between a name on the
    tax return and a Social Security number (SSN) could unexpectedly
    increase a tax bill or reduce the size of any refund.
  • Affordable Care Act

    The individual shared responsibility provision
    requires that you and each member of your family have qualifying health
    insurance, a health coverage exemption, or make a payment when you
    file. If you, your spouse and dependents had health insurance coverage
    all year, you will indicate this by simply checking a box on your tax
    return.
  • Filing Deadline and Payment Options

    If you’re trying to beat the tax deadline, there
    are several options for last-minute help. If you need a form or
    publication, you can download copies from the IRS Forms page under Tax
    Tools on our website. If you find you need more time to finish your
    return, you can get a six month extension of time to file using Form
    4868, Application for Automatic Extension of Time to File U.S.
    Individual Income Tax Return. And if you have trouble paying your tax
    bill, the IRS has several payment options available.
  • Refund, Where’s My Refund?

    Are you expecting a tax refund from the Internal
    Revenue Service this year? If you file a complete and accurate paper tax
    return, your refund should be issued in about six to eight weeks from
    the date IRS receives your return. If you file your return
    electronically, your refund should be issued in about half the time it
    would take if you filed a paper return even faster when you choose
    direct deposit.
  • Ten Ways to Avoid Problems at Tax Time

    Looking for ways to avoid the last-minute rush for doing your taxes? The IRS offers these tips.
  • The Tax Advocate Service, Provided by the IRS

    Have you tried everything to resolve a tax problem
    with the IRS but are still experiencing delays? Are you facing what you
    consider to be an economic burden or hardship due to IRS collection or
    other actions? If so, you can seek the assistance of the Taxpayer
    Advocate Service.
  • Tips and Taxes

    Do you work at a hair salon, barber shop, casino,
    golf course, hotel or restaurant or drive a taxicab? The tip income you
    receive as an employee from those services is taxable income, advises
    the IRS.